OPEC officials fail to agree on how to curb oil supplies

Fri Oct 28, 2016 4:37pm EDT
 
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By Alex Lawler and Rania El Gamal

VIENNA/DUBAI (Reuters) - OPEC officials meeting in Vienna to work out the details of their plan to reduce oil production failed to reach agreement after hours of talks on Friday, amid objections by Iran which has been reluctant to even freeze its output, OPEC sources said.

The High Level Committee of experts will meet again in Vienna on Nov. 25 ahead of the next meeting of OPEC ministers on Nov. 30, to "finalise individual quotas", one source said.

They will also meet as scheduled on Saturday with representatives of non-OPEC producers, which OPEC wants help from in curbing supplies.

"Yes, we continue tomorrow with non-OPEC," one of the sources said. "(There was) no complete agreement today since Iran refuses to freeze production."

"We didn't finish all. We are looking to the next meeting on November 25 to finalise individual quotas," another source said.

The meeting of the High Level Committee is comprised mainly of OPEC governors and national representatives - officials who report to their respective ministers.

Talks lasted just over 11 hours on Friday with Iran appearing to be the main sticking point.

"There is no agreement yet, all agree except Iran," one OPEC source said, adding Iran was asking for an exemption.   Continued...

 
OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo